Tesla wants to build EV chargers in China starting next year, as part of its plan to boost sales in the world’s biggest car market. The automaker will begin by investing 42 million yuan ($6.4 million) in a new factory near its car plant in Shanghai, where it will build third-generation quick chargers, also known as the Supercharger V3.
This new factory will, according to Reuters, have the capacity to manufacture 10,000 chargers per year.
Tesla, after selling more than 13,000 vehicles in China last month alone, expects everything to be ready in the first quarter of 2021. This plan also coincides with the country’s nationwide goal of charging point expansion. China currently imports its EV chargers from the United States, which are then usually installed in charging stations or car parks.
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As for the Shanghai factory, it represents a crucial location for Tesla’s global growth ambitions. The U.S. EV maker is planning on manufacturing 150,000 Model 3s this year, some of which will be exported to Europe.
Speaking of global growth, Tesla’s value skyrocketed by more than $40 billion recently, following its addition to the S&P 500 Index. Last Tuesday, the carmaker had a market cap of over $500 billion, which in turn boosted Elon Musk’s net worth all the way to $127.9 billion, making him the world’s second richest person, according to Bloomberg.